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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 26, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Outstanding Derivative Instruments and Cash Collateral | Information regarding the Company’s outstanding derivative instruments and cash collateral posted with brokers is included in the following table:
| December 26, 2021 |  | December 27, 2020
| (Fair values in thousands)
Fair values: |  |  |
Commodity derivative assets | $ | 17,567 |  |  | $ | 24,059 |
Commodity derivative liabilities | (14,119) |  |  | (6,531) |
Foreign currency derivative assets | 518 |  |  | 2,204 |
Foreign currency derivative liabilities | (4,958) |  |  | (428) |
Interest rate swap derivative liabilities | (98) |  |  | (640) |
Sales contract derivative liabilities | (12,691) |  |  | — |
Cash collateral posted with brokers(a) | 22,459 |  |  | 782 |
Derivatives Coverage(b): |  |  |
Corn | 6.6 | % |  | 16.0 | %
Soybean meal | 11.8 | % |  | 24.0 | %
Period through which stated percent of needs are covered: |  |  |
Corn | December 2022 |  | December 2021
Soybean meal | December 2022 |  | December 2021
(a)Collateral posted with brokers consists primarily of cash, short term treasury bills, or other cash equivalents. (b)Derivatives coverage is the percent of anticipated commodity needs covered by outstanding derivative instruments through a specified date.
Derivative Instruments, Gain (Loss) | The following table presents the gains and losses of each derivative instrument held by the Company not designated or qualifying as hedging instruments:
Losses (Gains) by Type of Contract (a) | December 26, 2021 |  | December 27, 2020 |  | December 29, 2019 | Affected Line Item in the Consolidated Statements of Income
Foreign currency derivatives gain (loss) | $ | 12,806 |  |  | $ | (6,637) |  |  | $ | (17,839) |  | Foreign currency transaction (gains) losses
Commodity derivative gain (loss) | 50,404 |  |  | 47,554 |  |  | (12,306) |  | Cost of sales
Sales contract derivative loss | (12,691) |  |  | (209) |  |  | — |  | Net sales
Total | $ | 50,519 |  |  | $ | 40,708 |  |  | $ | (30,145) |  |
(a)Amounts in parentheses represent income (expenses) related to results of operations.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following tables present the components of the gain or loss on derivatives that qualify as cash flow hedges:
| Gain (Loss) Recognized in Other Comprehensive Income on Derivative
| December 26, 2021 |  | December 27, 2020 |  | December 29, 2019
| (In thousands)
Foreign currency derivatives | $ | 471 |  |  | $ | 4,514 |  |  | $ | (2,052) |
Interest rate swap derivatives | (88) |  |  | (850) |  |  | — |
Total | $ | 383 |  |  | $ | 3,664 |  |  | $ | (2,052) |
Schedule of Derivatives Line Item in Condensed Consolidated Statements of Income |
| December 26, 2021 |  | December 27, 2020
| Net sales(a) |  | Cost of sales(b) |  | Interest expense, net of capitalized interest(b) |  | Net sales(a) |  | Cost of sales(b) |  | Interest expense, net of capitalized interest(b)
| (In thousands)
Total amounts of income and expense line items presented in the Consolidated Statements of Income in which the effects of cash flow hedges are recorded | $ | 14,777,458 |  |  | $ | 13,411,631 |  |  | $ | 145,792 |  |  | $ | 12,091,901 |  |  | $ | 11,253,705 |  |  | $ | 126,118 |
Impact from cash flow hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Interest rates swaps | — |  |  | — |  |  | 631 |  |  | — |  |  | — |  |  | 209 |
Foreign currency contracts | 1,372 |  |  | (55) |  |  | — |  |  | (2,143) |  |  | — |  |  | — |
(a) Amounts in parentheses represent income (expenses) related to net sales. (b) Amounts in parentheses represent (income) expenses related to cost of sales and interest expense.

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